Convert VC1 Blu Ray Rip to H264

I have several blurays which I would like to rip, resize to 720p, store on my computer, and stream to my PS3 for easy access. I have been able to successfully do this using megui when the video is h264. However, tools like megui, handbrake, and bd rebuilder struggle with the VC1 video files, reporting that conversion will take over three days for a 2 hour movie.